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Multiple deposits allowed under Garib Kalyan Deposit Scheme

IANS | New Delhi |

The government on Tuesday said that the declarants can make multiple deposits under the Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS).

"The government has decided to allow declarants to make deposits on one or more occasions in the PMGKDS, 2016," the Finance Ministry said in a statement here.

The deposits can be made by a person at authorised banks till March 31, it said.

As per the scheme, the person will have to pay 30 per cent tax on income, 33 per cent surcharge on tax, 10 per cent penalty on income, totalling to nearly 50 per cent of the income to be declared under the scheme. 

In addition, an amount equal to 25 per cent of the declaration will have to be deposited in the Pradhan Mantri Garib Kalyan Deposit Scheme, 2016, for four years without any interest.

The payment (of tax, surcharge and penalty) under the scheme is to be made through challan ITNS-287 and the deposits are to be made in the Pradhan Mantri Garib Kalyan Deposit Scheme, 2016.

Under the scheme, a person can pay (the tax, surcharge and penalty) and deposit from the amount deposited in the bank account. People have been depositing old currency notes during the demonetisation period (November 8-December 30).

Persons who already declared their unaccounted income in Income Declaration Scheme can also avail PMKGY.